Smartphone market grows 6% in Q2 2024; Vivo tops sales chart in India

Vivo took the top spot in the world’s two biggest smartphone markets – China and India – as the global smartphone market grew 6% YoY for the third consecutive quarter in Q2 2024, which is the highest YoY growth since Q2 2021, market intelligence firm Counterpoint says in its “Smartphone 360 Monthly Tracker” report.

The report says the global smartphone market continues its recovery in 2024 as almost all regions showed YoY growth from the weakest year in a decade.

Among the brands, Samsung retained the number one spot, while Apple declined marginally YoY and Xiaomi grew the fastest among the top-five OEMs. Vivo was the number one brand in sales in both China and India, while another Chinese smartphone major OPPO narrowly followed Vivo, rounding out the top five.

The cumulative share of the top five brands came down slightly as they faced pressures from the next five best brands globally, mainly Huawei, HONOR, Motorola and TECNO. The Counterpoint report says Motorola, which has been expanding its presence, achieved its highest-ever volume share in a decade.

“The Europe and Latin America (LATAM) markets grew the fastest in Q2 2024, as both recorded high double-digit YoY growth numbers, with improving consumer sentiment and purchasing activity. In China, Huawei’s comeback and an early start to the 618 shopping festival ensured the continuation of gradual recovery. Emerging markets, especially in LATAM and Asia, performed better than mature markets."

Counterpoint research director Tarun Pathak says the growth in smartphone sales over the last three quarters is good news for the industry. “The sales were at the lowest point in a decade in 2023 but the market was quick to rebound thanks to improving consumer sentiments and inventory positions. Almost all markets exhibited signs of growth and we remain optimistic for upcoming quarters. Brands quickly reacted to the growing consumer demand and refreshed their portfolios to entice customers further.”

Xiaomi was the fastest-growing top-five brand globally in Q2, growing 22%. The popularity of the Redmi 13 and Note 13 series, coupled with a leaner product portfolio and a stronger premium push, helped Xiaomi gain a net 2% share YoY in Q2.

Ankit Malhotra, Senior analyst, Counterpoint, says the global smartphone market has entered a new era -- one of slow and steady volume growth driven largely by replacement cycles and is now a zero-sum game between OEMs. “We expect smartphone volumes to grow slowly in coming years, However, we expect revenues to grow faster than sales driven by the premiumisation across regions, especially with the rise of newer form factors and capabilities, like foldables and GenAI.”